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US TSYS: Extension Of Post-Payrolls Bear Flattening

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries have lifted a little off London session lows but still sit firmly lower on the day in a continuation of the bear flattening seen with Friday's strong payrolls report and inflation expectation readings.
  • EGBs catching up from Friday’s late sell-off in Treasuries helps support moves along with further gains for oil futures.
  • Cash yields are 1.0-3.8bp higher, with a flattening bias intact as 2s10s drops to 37.3bp vs 42bp seen pre-payrolls.
  • TYH5 trades at 107-09 (-03+) having earlier set new recent lows of 107-06, amidst reasonable cumulative volumes of 365k considering a Japan holiday.
  • The trend condition remains bearish, with next support seen at a key 107-04 (Apr 25, 2024 low).
  • Today sees a particularly thin docket before picking up mid-week with PPI (Tue) and CPI (Wed) likely setting the tone for the week.
  • Data: NY Fed consumer inflation expectations (1100ET), Mthly budget data Dec (1400ET)
  • Bill issuance: $84B 13W & $72B 26W Bill auctions (1130ET)

 

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  • Treasuries have lifted a little off London session lows but still sit firmly lower on the day in a continuation of the bear flattening seen with Friday's strong payrolls report and inflation expectation readings.
  • EGBs catching up from Friday’s late sell-off in Treasuries helps support moves along with further gains for oil futures.
  • Cash yields are 1.0-3.8bp higher, with a flattening bias intact as 2s10s drops to 37.3bp vs 42bp seen pre-payrolls.
  • TYH5 trades at 107-09 (-03+) having earlier set new recent lows of 107-06, amidst reasonable cumulative volumes of 365k considering a Japan holiday.
  • The trend condition remains bearish, with next support seen at a key 107-04 (Apr 25, 2024 low).
  • Today sees a particularly thin docket before picking up mid-week with PPI (Tue) and CPI (Wed) likely setting the tone for the week.
  • Data: NY Fed consumer inflation expectations (1100ET), Mthly budget data Dec (1400ET)
  • Bill issuance: $84B 13W & $72B 26W Bill auctions (1130ET)